| Africatime
Friday 24 March 2017
(Xinhuanet 03/07/17)
Kenya plans to float green bonds in order to boost Foreign Direct Investment (FDI), the capital market regulator said on Tuesday. Capital Markets Authority (CMA) CEO Paul Muthaura told a media briefing in Nairobi that there is currently a lot of interest among global fund managers on investing in capital markets that offer green bonds. "We therefore want to position Kenya as a regional hub of green bonds so that it benefit from funds that invest in sustainable business causes," Muthaura said. The East African nation is currently putting in place guidelines that will define what constitutes a green bond. The legal framework will be a joint effort of the Kenya Bankers Association as well as the Nairobi Security Exchange...
(Bloomberg 03/07/17)
Safaricom Ltd, East Africa’s biggest mobile-phone company, would have to reconsider future investment in Kenya if proposals to break up the company are implemented, the head of mobile money at parent Vodafone Plc said. The company 40 percent owned by Newbury, England-based Vodafone was found to be Kenya’s dominant carrier in a draft report by U.K.-based advisory group Analysys Mason. The study was commissioned by the Communications Authority of Kenya to check whether the market leader had abused its position. The report recommends Safaricom opens up its mobile-money platform known as M-Pesa to transfers from competitors’ services at prices determined by the regulator. Separately, Kenyan opposition lawmaker Jakoyo Midiwo is also proposing a law to force a Safaricom split, a...
(Voice of America 03/07/17)
U.S. President Donald Trump signed a revised executive order Monday, calling for a 90-day suspension of admissions for people from six Muslim-majority countries, including Iran, Libya, Somalia, Sudan, Syria, and Yemen, if they do not already have visas. All refugees must wait 120 days. The ban, coming six weeks after Trump’s original order, which was blocked by federal courts, takes effect March 16. Ahmed Omar Bihi, 42, is a Somali refugee who has lived in Kenya’s Kakuma refugee camp for five years, after he was transferred from the Dadaab refugee camp - his home since he fled Somalia in 1992. He says it is difficult for him to stay in a refugee camp, while so many of his friends are...
(Xinhuanet 03/07/17)
A UN official on Tuesday called for greater participation of women in senior management positions in Kenya's corporates in order to promote inclusive growth. Arjmand Banu Khan, UN Women's Programme Specialist for Women Economic Empowerment programme, told journalists in Nairobi that the low participation of women poses a challenge to the country's development efforts. "Studies globally have indicated that firms that have gender parity tend to perform better compared to their peers that don't have strong representation of women in senior positions," Khan said during a forum to raise awareness on the importance of Gender Equality to the Capital Markets. Khan noted that Kenya has made tremendous strides in the appointment of women to boards of state owned enterprises. "However,...
(Xinhuanet 03/07/17)
The entrance of U.S. tech giant Facebook in the Kenyan internet market has triggered price wars among telecoms, with each fighting to protect their market. The U.S. firm introduced its low-cost internet in the East African nation about a month ago, stepping up competition with telecoms that were already in fierce rivalry before Facebook entrance. Facebook, following a partnership with a local firm, introduced its Express Wi-fi data bundles that cost 40 megabyte (MB) at 0.10 dollars, 100 MB at 0.20 U.S. dollars, 300MB at 0.50 dollars, 25 gigabyte (GB) at 2 dollars and 3GB at 5 dollars. While the service is available in few select suburbs in Nairobi and its environs, Facebook has triggered fierce price wars in the...
(AFP (eng) 03/07/17)
Kenya faces possible suspension by the International Olympic Committee after the country's national governing body failed to implement reforms demanded after Kenya's embarrassing Rio Games appearance. The IOC had warned it would take "appropriate action" against Kenya if its National Olympic Committee (NOCK) did not resolve a seven-month impasse and adopt a new constitution paving the way for fresh elections. The IOC assisted in the drafting of new laws following a national outcry over corruption and the treatment of the Kenya team at last summer's Rio Olympics. But the new statutes failed to garner enough votes to pass at an NOCK general assembly on Wednesday, attended by officials from the IOC and the Association of National Olympic Committees of Africa...
(The Guardian 03/07/17)
British high commissioner to Kenya speaks out following death of Tristan Voorspuy, whose ranch was invaded by herders. Britain has urged Kenya to restore law and order in the north of the country after a British rancher was shot dead there. Nic Hailey, Britain’s high commissioner to Kenya, was speaking after the killing of Tristan Voorspuy, whose lodges had been burned by attackers. His body was found on Sunday at his ranch 118 miles (190km) north of Nairobi. Kenya’s domestic security minister said on Monday that 379 herders had been arrested for invading ranches. Joseph Nkaissery said a drought in the east African country was causing tension because of the scarcity of water and pasture, leading some communities to move...
(Xinhuanet 03/07/17)
Kenya will now wait for the verdict from International Olympic Committee (IOC) to know if a pending ban will be slapped on them after its national body declined to change its constitution as required. IOC, which had two of its officials in Nairobi Tuesday as observers during a stormy Extra Ordinary Meeting, had asked Kenya to amend its laws but the officials voted down the proposal. This comes after it was reported that Kenyan athletes were mistreated during the Olympic games in Rio last year. The amended constitution required a total of 22 votes in the affirmative but the incumbent officials (13) voted as a block against it. Interim Nock (national Olympic committee of Kenya) Secretary General, Andrew Mudibo who...
(Xinhuanet 03/06/17)
The Kenya shilling has appreciated against the U.S. dollar in the past one week boosted by inflows from institutional investors and horticultural produce exporters. On Monday, the Central Bank of Kenya (CBK) quoted the shilling at 102.6 against the dollar, a high from 103.9 in January. "The strengthening of the shilling has primarily been driven by dollar inflows from offshore institutional investors and horticultural produce exporters this past week," Cytonn, a Nairobi-based investment firm said Monday in a weekly update. According to Cytonn, the Kenya shilling during the period gained 0.8 percent to close at 102.7 on Friday, from 103.6 the previous week. On a year to date basis, the shilling has depreciated against the dollar by 0.2 percent. Last...
(Xinhuanet 03/06/17)
The Kenyan government announced on Sunday that it will spend 2.15 million U.S. dollars for cash payouts to support pastoralists to purchase fodder and animal feed for their stock until the end of the severe drought. State House Spokesperson Manoah Esipisu told journalists that President Uhuru Kenyatta will this week formally launch the payouts to the affected pastoralists. "Vulnerable pastoralists in Mandera, Marsabit, Isiolo, Tana River, Turkana and Wajir counties will benefit from the 2.15 million dollars payout," Esipisu told journalists at Sagana State Lodge in central Kenya. The payments under the Kenya Livestock Insurance Programme will target 12,604 registered pastoralist households in the seven counties. Some 2,503 pastoralists in Turkana that are registered under the program were paid last...
(AFP (eng) 03/06/17)
A British man has been shot dead on his ranch in central Kenya, a local official said Sunday, blaming heavily armed herders responsible for land invasions in the area. Thousands of herders -- some armed with spears, others with AK47s -- have invaded private ranches and wildlife parks with their livestock, slaughtering animals and destroying property in Laikipia, as they go in search of pasture in the drought stricken-country. Tristan Voorspuy, a British citizen who was born in South Africa, had gone to inspect damage on his Sosian ranch caused by the raiders when he was
(Xinhuanet 03/06/17)
Kenya plans to begin construction of a 158 MW geothermal power plant at the end of March, officials said on Monday. State-owned Kenya Electricity Generating (KenGen) Managing director Albert Mugo told an investors briefing in Nairobi that procurement of the contractor for the Olkaria V project was concluded last month. "We have already secured funding and we expect construction works to be completed by mid 2019," Mugo said. The geothermal power plant consist of two plants each producing 79 MW. KenGen has also received funding from the European Investment Bank and the German Development Bank to construct another 70 MW geothermal power plant which should be connected to the national grid in 2019. The power producer plans to add 743...
(Xinhuanet 03/06/17)
Kenya's hopes of reaching the 100 point mark in this season' World Rugby Sevens Series looks bleak after reaching the halfway stage with a paltry 35 points. Head coach Innocent Simiyu faces a rough ride in the remaining five legs starting with this weekend's show in Vancouver, Canada where the country is paired in a tricky Pool A that has Vegas champions South Africa, Cape Town 7s champions England and a fourth team to be invited by World Rugby. Captain Andrew Amonde was disappointed with the country performance last weekend in Las Vegas, USA but remained upbeat the team will improve in the remaining legs. "It was bittersweet. We didn't perform too well here but it's good to get something...
(The Independent 03/06/17)
Th term was coined by sceptical officials, worried about the importance given to Commonwealth trade deals ahead of Brexit negotiations. Plans by government ministers to boost trade links with African Commonwealth countries are being internally branded “empire 2.0” by sceptical officials who are worried about the importance being placed on such deals ahead of the UK’s negotiations of leaving the European Union (EU). International Trade Secretary Liam Fox is expected to promise to build better links with the whole of the 52 member countries of the Commonwealth when ministers from each country meet in London later this week. But as the UK is prepares itself to leave the European Union, The Times reports that British ministers are planning to talk...
(Voice of America 03/04/17)
Drought is hurting eastern Africa's parks and game reserves, as well as the creatures that reside in them. The Kenya Wildlife Service says dozens of animals have already died because of the lack of water. Last month, the government declared the drought a national disaster. Kenya Wildlife Service spokesman Paul Gathitu says lack of water and grazing land has pushed some animals into human settlements, increasing the risk of human-wildlife conflict. "We've had impacts on wildlife, particularly outside not in the protected areas — Ijara was the first area we noticed," Gathitu said. "Next to Boni forest, there were some dams which dried up and forced a number of animals to go seeking water and struggling to access water. We've...
(Business Daily 03/03/17)
President Uhuru Kenyatta has signed amendments to the Proceeds of Crime and Anti-Money Laundering (Amendment) Bill 2017, a tough legislation aimed at combating economic crimes, into law. “This is a major tool in our sustained efforts to fight corruption. It means that no proceeds of theft and corruption are beyond the reach of the State,” President Kenyatta Friday at the signing. The amended legislation introduces punitive measures of punishment for economic crimes. In addition to the identification, tracing, freezing, seizure and confiscation of proceeds of crime, the new law imposes stiff penalty on culprits. It recommends that a person who fails to comply with it will be liable to a monetary penalty not exceeding Sh5 million while the penalty for...
(CNN 03/03/17)
The history of attempting to control Kenya's lucrative alcohol market has been anything but smooth. Backed by an overall 6.5% GDP growth in 2015, it is a growing market in a country where 22.8 percent of men and 9.6 percent of women consume alcohol, according to the World Health Organization. And just in 2015, Euromonitor reports, players in the beer category actively engaged in marketing campaigns, and volume sales reached 466 million liters. But this growth wasn't achieved easily. Beer Wars In 1997, SAB Miller and East African Breweries Limited faced off with each other in what was eventually dubbed the Beer Wars, which lasted nearly five years. In 2002, SAB Miller shut down its plants and exited the country...
(Xinhuanet 03/03/17)
Kenya's army said Thursday that they killed 57 Al-Shabaab militants during a clash at Afmadow area of southern Somalia. Kenya Defence Forces (KDF) spokesman Joseph Owuoth said the troops who are part of the Africa Union Mission in Somalia (AMISOM) are still in the region to purge it of the militants. Owuoth said in a statement the 8:45-a.m. incident that involved artillery fire and helicopter gunships took place close to Subow Centre. The spokesman said the soldiers remain vigilant and will continue to relentlessly pursue the terrorist to ensure peace and security of Kenya, as well as to support AMISOM operations to stabilize Somalia. Kenya has blamed members of Al-Shabaab for a series of abduction of foreigners and grenade and...
(The East African 03/03/17)
Kenya has joined its East African neighbours, Uganda and Rwanda, by launching a cargo tracking system intended to reduce the cost of trade and check tax evasion. The Kenya Revenue Authority (KRA) on Wednesday launched the Regional Electronic Cargo Tracking System, which enables real time tracking of transit cargo from Mombasa port to its destination through an online platform monitored in the three countries. KRA commissioner general John Njiraini said the new system would be operational by the end of the month to replace the current tamper-prone Electronic Cargo Tracking System. "Unlike the current system where we use multiple vendors to install the tracking and which we can only trace up to the border point, this one allows three countries...
(Business Daily 03/03/17)
Sugar stocks held by Kenyan factories have dropped by 35 per cent after they released stocks into the market following a price hike. The Agriculture Food Authority (AFA) said that the stocks currently held by various factories have dropped from 10,000 tonnes last week to 6,500 tonnes on Wednesday as millers freed up stocks in their warehouses. AFA director-general Alfred Busolo said stocks rose to 10,000 last week after the factory price dropped by Sh500 per 50 kilogramme bag to Sh4,500. The rise in price coupled with a fall in factory stocks lowers the prospects of a fall in the consumer price of sugar. Kenyans are currently paying between Sh143 and Sh145 per kilo of branded local sugar. “Stocks held...

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